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Advanced Business Management Marketing & Operations by NADEEM KHAN

Advanced Business Management Marketing & Operations by NADEEM KHAN

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Published by Nadeem Latif Khan

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Published by: Nadeem Latif Khan on Nov 16, 2008
Copyright:Attribution Non-commercial

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05/09/2014

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Business Management
Business Decision Areas I:Marketing
and 
Operations
Student Notesand Activities
[HIGHER]
 
MARKETING: STUDENT NOTES
Section 1: Marketing
What is a market?
A market can be defined as a meeting place for buyers (consumers) andsellers. Markets can be set up in a shop, restaurant, over the telephone/ internet, at a car boot sale, etc.A market consists of the individuals or organisations who are actual orpotential buyers of a product or service. Markets may be classified asconsumer markets or industrial markets.
Consumer markets
are made up of individuals who purchase goods orservices for personal or domestic use. They make most of their purchasesfrom retailers and buy a combination of consumable goods, such as food anddurable goods such as cars, televisions, and clothes. Consumable goods arebought more frequently than durable goods.
 Industrial markets
are made up of organisations that purchase goods orservices to use in the production of other goods and services. They buy acombination of consumable goods, such as raw materials and longer-lastingdurable goods, such as machinery and equipment.
What is marketing?
 
Marketing Manager Required
 Here is your chance to influence the spending habits of a discerningsector of the population and manage a world-famous cosmeticscompany. Reporting to Senior Management, you will develop andimplement a marketing strategy for a range of brands. You will haveresponsibility for
 market research
 ,
 promotion and advertising
 ,
 direct mail 
activity and
 preparation of publicity material 
.
Additionalresponsibility will be for
 new product development
and
 branding
inorder to expand our market base.
The marketing activities contained in the above job advertisement areitalicised in the text.The Chartered Institute of Marketing defines marketing as ‘the processinvolved in identifying, anticipating and satisfying consumer requirementsprofitably’.
 
MARKETING: STUDENT NOTES
The role and importance of marketing in organisations
• Identify• Anticipate• Satisfy1 To identify consumers’ requirements
 Businesses must identify what exactly a consumer wants from a product orservice. There is little point in providing something that does not meetconsumers’ requirements – they simply will not buy it. Marketingdepartments aim to ensure that consumers buy products or services and thatthey continue to do so (that is, make repeat purchases).Firms today face a lot of competition and consumers’ expectations areincreasing and becoming more sophisticated. Requirements changefrequently and the marketing department must make sure the product orservice is developed or altered to meet these requirements. The role omarketing is, therefore, an increasingly important one in today’s businessworld.Price and quality have always been important factors in whether or not aconsumer will buy, but so too have prompt delivery, attractive packaging andafter-sales service. Advertising and promotion play a big part in influencingconsumers to buy.
2 To anticipate consumers’ requirements
 The role of the marketing department is to find out what consumers wanttoday and will want in the future. Consumer trends must be considered inorder to anticipate future needs. This is especially important in marketswhere trends and fashions change rapidly (e.g. clothing, toys), or wheretechnological changes occur frequently (e.g. computers). It may be necessaryto develop new products quickly to stay ahead of competitors.
3 To satisfy consumers’ requirements
 The consumer is the most important consideration for most businesses today– businesses are often said to be ‘consumer (or customer) focused’. Without

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